Then in 6 months refinance into a conventional loan and you can exit the property legally. 

But if the lease terms are murky, if renewal conditions aren’t guarenteed, or if the airport authority could dramatically shift the deal down the line, then you should be asking for a discount..or at least some protective clauses in the contract.I’m curious... if you were to step into this kind of leasehold now, how do you think you’d explain the upside to your future buyers or partners when you eventually decide to exit?

What is the exit?  

First - you have to mention what the syndication will do as that will have an impact on how you get taxed.Given that this is a real estate forum, it is assumed that you are investing in a syndication that will invest in real estate.Most real estate syndications purchase real estate in year 1 and have a plan of selling / exiting in year 5 or 7.Often times, the sponsor will get a cost segregation study which increases the loss on the K-1 presented to the investor in year 1.This may be important as it almost guarantees that there will be no taxable income from the syndication from year 1 to the year before exit.If the syndication does well and exits at a price more than purchase, it may result in a taxable income. 

Work on your credit, and look for a deal that works on any exit strategy.

Most invest in these smaller assets focusing on wrong criteria leading them to markets without meaningful appreciation and even when they do stumble across a market with strong fundamentals they do not understand  real estate finance and/or fail to exit these assets when they the appreciation event occurs wrongly focusing on rental cash flow.The ability to combine a high earning W2 with a sound investment thesis is a winning recipe but not realistic for most.

If the answer is no, be mindful this will create a more difficult sale when exiting the position down the road. 2.

Then it becomes a bit easier to figure out how you are going to target them.For example; I use a specific real estate investment strategy with a 5-year exit.

Focus on cash flow and exit strategies, and consider starting with a smaller project to gain experience and minimize risk.Good luck!

Always have an exit strategy in case refinancing takes longer than expected, such as optimizing rents or reducing expenses.